Mortgage rates Halifax March 2012
The mortgage rates Halifax are offering still remain competitive despite their recent announcement of an increased SVR (standard variable rate) from the first of May.
It claims to have some good deals with fixed rate mortgages and rates of 3.59% for the first two years before reverting to its variable rate for the rest of the term which is currently at 3.99%. For this mortgage you will need a 20-25% deposit and it comes with a £995 fee.
Many first time buyers are struggling to get onto the property ladder as they cannot raise the deposits required for their property purchase but the Government has backed a scheme that is designed to offer favourable rates for those type of buyers on the NewBuy Guarantee Scheme.
It helps first time buyers with modest deposits to get a mortgage with certain lenders as long as they are purchasing a newbuild property. It is hoped that this will also create demand for the building of new houses and aid a flagging construction industry. Only a few lenders are offering mortgages within this scheme but many have shown interest in following suit and although the mortgage rates Halifax offer at present do not include this scheme it has expressed interest for the future.
The Halifax does however have an exclusive deal for first time buyers offering mortgages where only a 10% deposit is required to help potential borrowers get onto the property market.
The mortgage rate Halifax offers on this deal is 5.99% and is a fixed rate until 2014, then for the rest of the term of the mortgage the rate is 3.99%, it does not have a product fee and comes with £500 cashback as an incentive.
